(Updated)

Malaysia via Petronas formalises landmark O&G agreement with Brunei

Malaysia via Petronas formalises landmark O&G agreement with Brunei
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KUALA LUMPUR (April 5): Petroliam Nasional Bhd (Petronas) and Brunei's Ministry of Energy today signed a landmark unitisation agreement (UA), which establishes the platform for the joint development of oil and gas (O&G) fields by Petronas and Brunei's National Unitisation Secretariat to further enhance the value derived from these assets for Malaysia and Brunei.

In a statement today, Petronas said Malaysia, through its national oil company Petronas, formalised the UA with the Brunei government for the Gumusut-Kakap and Geronggong-Jagus East fields which straddle along the Malaysia-Brunei maritime boundary.

"The formalised UA firmly attests the continuing collaboration between Malaysia and Brunei and establishes the platform for the joint development of the fields by Petronas and the National Unitisation Secretariat of Brunei to further enhance the value derived from these assets for both countries," Petronas said.

Petronas president and group chief executive officer Tengku Muhammad Taufik Tengku Aziz said in the statement that having formalised the "landmark agreement", Petronas believes that both parties can look forward to continuing the strong momentum towards developing both nations' energy sectors for long-term growth and prosperity.

"Today's signing is indeed a testament to the synergy between Petronas and the Ministry of Energy, Brunei Darussalam, and embodies yet another step towards strengthening our long-standing relationship for greater shared success," Tengku Muhammad Taufik said.

According to Petronas' statement, the formalisation of the UA took place at Istana Nurul Iman in Brunei's capital Bandar Seri Begawan during the 23rd Malaysia-Brunei Annual Leaders' Consultation event there.

Malaysian Prime Minister Tan Sri Muhyiddin Yassin and Sultan of Brunei, Sultan Hassanal Bolkiah, witnessed the formalisation of the UA, Petronas said.

Brunei was represented by its Acting Minister of Energy Datuk Seri Paduka Awang Matsatejo Sokiaw at the signing ceremony, Petronas said.

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Chong Jin Hun